Stepn is a mobile application that uses Solana (SOL) and BNB Chain (BNB) networks. Users buy NFT sneakers with different characteristics and rarity using SOL or BNB and then use them to earn cryptocurrencies on the go.
There are several types of sneakers with varying degrees of rarity. Different sneakers allow you to earn cryptocurrencies based on your walking or jogging activity. Rarity determines how much you can earn and how much you need to pay to maintain your NFT and prevent it from deteriorating.
NFT is purchased with SOL or BNB, but the reward is Green Satoshi Token (GST). GST can be used to repair or create your sneaker as part of the in-app Gamification.
Users can also transfer their GST to their in-app wallet and convert it into other cryptocurrencies such as USDC. STEPN’s revenue comes from making swap and NFT purchases.
The “Move to Earn” race has come to an end?
Stepn is experiencing competition from Walken and Sweatcoin because M2E bugs have hit the GameFi community hard. Walken’s WLKN tokens were issued on June 21 and have risen 750% since launch. It has the exact mechanism as STEPN, which uses NFT to optimize income.
Sweatcoin’s SWEAT token is scheduled to be released in 2022, and users are currently earning a non-crypto version of the token. Sweatcoin has a slightly different Gamification model when the app tracks user steps in a background, similar to Apple Watch or FitBit.
Walken runs on the Solana blockchain and, according to Solscan, currently has 45,000 holders. Its fully diluted market capitalization is $277 million compared to STEPN’s $4.9 billion. The circulating supply for Walken has not yet been confirmed; however, one example possesses 92% of the supply.
The distribution indicates that the circulating supply falls around $22.1 million, assuming the whale purse is the project’s treasury. With this supply, WLKN will have to increase 20 times to reach $22, surpassing STEPN’s market capitalization.
Sweatcoin reported more than 90 million users and announced the launch of SWEAT, “possibly the largest cryptocurrency distribution in history.” There are already 28 billion SWEAT off-chain that can be used in the app to purchase products, services, and coupons. Moreover, more than 5 million non-deposit cryptocurrency wallets were created by Sweatcoin in May alone.
Although STEPN may be on the decline, there is undoubtedly an opportunity for the M2E industry to find a place in GameFi. The problems of token comic and economy in the game are expected with a completely new concept. Making $1 a day by walking to work seems much more sustainable than making $30.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews